
	December 31,
(In thousands)	2021			2020
First Mortgage Bonds:(a)
7.70%, 2028 Series	$	1,200		$	1,200
Tax Exempt Debt:
2.05%, 2023 Series, Industrial Development Revenue Bonds		19,300			19,300
Medium-Term Notes:(c)
6.12%, due 2028		20,000			20,000
7.12%, due 2032		25,000			25,000
6.247%, due 2037		25,000			25,000
Total Medium-Term Notes		70,000			70,000
Other Long-Term Debt:(d)
3.09%, due 2023(e)		30,000			30,000
3.29%, due 2026(e)		15,000			15,000
3.11%, due 2027(e)		30,000			30,000
2.94%, due 2029(e)		50,000			50,000
2.48%, due 2031(e)(b)		60,000			—
5.68%, due 2033(f)		21,510			22,762
5.19%, due 2033(f)		14,133			14,985
2.63%, due 2033(e)(b)		40,000			—
5.26%, due 2040(e)		15,000			15,000
5.04%, due 2040(g)		30,139			31,806
4.74%, due 2041(g)		19,167			20,167
4.38%, due 2042(e)		28,000			28,000
4.42%, due 2043(e)		20,000			20,000
4.47%, due 2048(e)		20,000			20,000
3.76%, due 2052(e)		40,000			40,000
4.19%, due 2048(e)		60,000			60,000
4.24%, due 2053(e)		20,000			20,000
4.34%, due 2058(e)		20,000			20,000
Total Other Long-Term Debt		532,949			437,720
Long-term debt due within one year		(4,889	)		(4,771	)
Unamortized discount and debt issuance costs		(4,349	)		(4,146	)
Total Long-Term Debt	$	614,211		$	519,303

(a)

MGE's utility plant is subject to the lien of its Indenture of Mortgage and Deed of Trust, under which its first mortgage bonds are issued. The Mortgage Indenture provides that dividends or any other distribution or purchase of MGE shares may not be made if the aggregate amount thereof since December 31, 1945, would exceed the earned surplus (retained earnings) accumulated subsequent to December 31, 1945. As of December 31, 2021, approximately $604.3 million was available for the payment of dividends under this covenant.

(b)

In May 2021, MGE entered into a private placement Note Purchase Agreement in which it committed to issue $60 million of new long-term debt (Series A) and $40 million of new long-term debt (Series B). Funding occurred on June 15, 2021, for Series B and August 27, 2021, for Series A. The proceeds of the debt financing were used to assist with capital expenditures and other corporate obligations.

(c)

The indenture under which MGE's Medium-Term notes are issued provides that those notes will be entitled to be equally and ratably secured in the event that MGE issues any additional first mortgage bonds.

(d)

Unsecured notes issued pursuant to various Note Purchase Agreements with one or more purchasers. The notes are not issued under, or governed by, MGE's Indenture dated as of September 1, 1998, which governs MGE's Medium-Term Notes.

(e)

Issued by MGE. Under that Note Purchase Agreement: (i) note holders have the right to require MGE to repurchase their notes at par in the event of an acquisition of beneficial ownership of 30% or more of the outstanding voting stock of MGE Energy, (ii) MGE must maintain a ratio of its consolidated indebtedness to consolidated total capitalization not to exceed a maximum of 65%, and (iii) MGE cannot issue "Priority Debt" in an amount exceeding 20% of its consolidated assets. Priority Debt is defined as any indebtedness of MGE secured by liens other than specified liens permitted by the Note Purchase Agreement and certain unsecured indebtedness of certain subsidiaries. As of December 31, 2021, MGE was in compliance with the covenant requirements.

(f)

Issued by MGE Power West Campus. The Note Purchase Agreements require MGE Power West Campus to maintain a projected debt service coverage ratio of not less than 1.25 to 1.00, and debt to total capitalization ratio of not more than

0.65 to 1.00. The notes are secured by a collateral assignment of lease payments that MGE is making to MGE Power West Campus for use of the WCCF pursuant to a long-term lease. As of December 31, 2021, MGE Power West Campus was in compliance with the covenant requirements.

(g)

Issued by MGE Power Elm Road. The Note Purchase Agreement requires MGE Power Elm Road to maintain a projected and actual debt service coverage ratio at the end of any calendar quarter of not less than 1.25 to 1.00 for the trailing 12-month period. The notes are secured by a collateral assignment of lease payments that MGE is making to MGE Power Elm Road for use of the Elm Road Units pursuant to long-term leases. As of December 31, 2021, MGE Power Elm Road was in compliance with the covenant requirements.

MGE includes long-term debt held by MGE Power Elm Road and MGE Power West Campus in the consolidated financial statements (see Footnote 3 for further information regarding these VIEs).